Instagram Launches 'Rings' Award To Honor Creators With Gold Jewelry, Not Cash

(RTTNews) - Instagram unveiled a new "Rings" award on Monday, which will recognize 25 exceptional creators with a real gold ring and a badge that matches on their profiles. However, there will be no cash payout.

A panel comprising YouTuber Marques Brownlee, Instagram CEO Adam Mosseri, filmmaker Spike Lee, and designer Marc Jacobs will choose the winners.

The action is taken as Instagram, which is owned by Meta, reduces the amount of money it gives to creators after discontinuing its Reels Play bonus program in 2023.

At a time when creator brand deals have decreased 52 percent year over year, Kajabi says the awards prioritize recognition over payouts.

Instead of just rewarding big followings, Brownlee told CNBC, the objective is to highlight creators who show creativity and take chances.

Additionally, winners will receive cosmetic benefits such as the ability to personalize the "like" button and change the background color of their profile.

Given that rivals like YouTube and TikTok still split ad revenue with users, the symbolic gesture emphasizes the conflict in the creator economy. Over the previous four years, YouTube reported paying out over $100 billion to creators.

Although there has been no announcement of a direct replacement for its previous programs, Meta has stated that it is looking into new ways to pay creators.

According to Brownlee, "this is about recognition." "Even if your work doesn't pay well, it's satisfying to know that it makes a difference."